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An revised version of this notice sent today amending our 8 January 2018 advice contained a typo which we have corrected below (the corrected typo is highlighted.
The corrected notice follows:
The way in which Estate Accounts and Scanning close bankruptcy and compulsory cases has changed with the introduction of The Insolvency (England & Wales) Rules 2016 (“new insolvency rules”).
Under the old rules, closing the ISA estate account and updating the case management system with the IP’s release date was initiated on the secretary of state receiving a copy of the IP’s release certificate (FORM 6.50 or 4.42) with the final receipts and payments.
The introduction of the new insolvency rules has meant that these processes now happen at different intervals. The Insolvency Practitioners and Insolvency Services Account (Fees) (Amendment) Order 2005 states that an account ceases to be maintained with the Secretary of State in the case of a winding up by the court or a bankruptcy where:
(a) the liquidator or the Trustee has filed a receipts and payments account with the Secretary of State pursuant to Regulation 14 and 28
(b) the account contains, or is accompanied by, a statement that it is a final receipts and payments account; and
(c) four (4) working days have elapsed since the requirements of paragraph (a) and (b) have been met.
The amendments to regulation 14 and 28 that came into force 8 December 2017 require the IP to send an account of his receipts and payments to the Secretary of State within 14 days of sending the final account to creditors. On receiving this, Estate Accounts and Scanning will financially close the ISA account and no further quarterly banking fees will be charged. A closing statement will be issued at this point.
The second step of the process refers to the IP’s release. On receiving a copy of the ‘notice’ as per R7.71 (3) and R10.87 (5) Estate Accounts and Scanning will record the Trustee/Liquidator release date in the Insolvency Services case management system. Please note that the ‘notice’ should be a copy of the notice sent to court, for which form WU15 will be acceptable. It should be signed and dated by the Trustee/Liquidator and sent at the end of the prescribed period.
Any enquiries regarding this notice should be sent to CustomerServices.EAS@insolvency.gsi.gov.uk
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